Indian hotel companies are experiencing a sharp correction in share prices due to the Iran war and broader geopolitical tensions, leading analysts to cut operating profit expectations and valuations, despite structurally positive medium-term prospects.
Vijay Deverakonda and Rashmika Mandanna, fondly known as 'Virosh', are getting married at Mementos by ITC in Udaipur, Rajasthan.
While wellness-related facilities and activities used to be considered luxury offerings, hospitality industry executives note that it has now become a mainstream expectation among guests.
Diversified entity ITC on Thursday said it has received shareholders' approval to demerge ITC Hotels into a separate entity. Shareholders of ITC, in a virtual meeting held on Thursday through video conferencing/other audio-visual means, approved the resolution for the scheme of arrangement between ITC Ltd and ITC Hotels Ltd, the Kolkata-headquartered firm said in a regulatory filing. The proposal "has been approved and passed by the requisite majority of the Members, pursuant to Section 230(6) of the Companies Act, 2013", it added.
4.5 million weddings are expected across India.
These losses increase insurance premiums for customers and reduce insurer margins on the other.
'The upcoming long weekend has ignited strong travel intent, with robust bookings across leisure, spiritual and wellness destinations.'
'This is not a case of tax evasion but the result of long-standing ambiguities in GST rules and unawareness.'
India's hospitality sector is rolling out the red carpet for investors. A flurry of upcoming IPOs, or initial public offerings, the entry of new players, and ambitious expansion plans by Indian and global hotel brands are ushering in what could be the industry's most formalised era yet. Leading the charge are real estate titans, who are turning their hotel arms into global hospitality chains.
'...than by the calendar.' Indian travellers are no longer restricting their getaways to summer or winter holidays.
With the rise of wellness tourism and experiential travel, specialised jobs are being created in spa management, event planning and local experience curation, besides social media management.
Bajaj Finance, IndusInd Bank, State Bank of India, Maruti, Tata Motors, ITC, Tata Steel and Reliance Industries were also among the gainers. Nestle, NTPC, Kotak Mahindra Bank, Power Grid and Titan were among the laggards.
During this summer, Indian travel buffs are opting for destinations that provide an escape from the ominous heat, along with coastal regions within the country and countries offering visa-free travel.
The CBIC has come out with guidelines on blocking of tax credit by GST field officers, saying that such blocking should be on the basis of 'material evidence' and not just out of 'suspicion'. The guidelines laid down five specific circumstances in which such credit could be blocked by a senior tax officer. These include availment of credit without any invoice or any valid document, or availing of credit by purchasers on invoices on which GST has not been paid by sellers.
The 10 ITC Hotels branded as Sheraton at present were expected to be re-branded as Luxury Collection soon, sources in the know said.
The move to demerge the hotel business into a separate entity by ITC has brought back focus on hotel stocks, which have already seen a good run thus far in fiscal 2023-24 (FY24). Analysts believe there could be more gains in store over the next one year for the stocks in this sector, but suggest investors put in money on a correction only from a long-term perspective. Hotel stocks, according to A K Prabhakar, head of research at IDBI Capital, have seen a good run as travel picked up post Covid in India. Not only have the room rents increased, the occupancy, too, has surged.
Congress MLAs will likely to leave for Jaipur from Bhopal on Wednesday.
Among the Sensex firms, ITC, State Bank of India, Bajaj Finance, NTPC, Power Grid, ICICI Bank, Kotak Mahindra Bank and UltraTech Cement were the major laggards. IndusInd Bank, Tata Consultancy Services, Axis Bank, Mahindra & Mahindra, Tata Motors, HCL Technologies, Asian Paints, Wipro, HDFC and Maruti were among the major gainers.
Cash registers are ringing more frequently at hotels and resorts with the return of the big fat Indian wedding after a two-year hiatus. This comes even as the small and intimate ceremonies - which became popular during the pandemic - are also set to keep those employed in the hospitality sector on their toes. As many as 2.5 million marriages are expected to get solemnised during the wedding season that gets underway from next week and stretches on till April, according to industry estimates.
HCL Tech led the Sensex gainers' chart, spurting 3.58 per cent, followed by UltraCement, Nestle India, Tata Steel, Kotak Bank, ICICI Bank, Bharti Airtel and HDFC twins. In contrast, ITC, Maruti, NTPC, Asian Paints and Sun Pharma were among the main laggards, shedding up to 1.51 per cent.
The Enforcement Directorate (ED) is expected to press money laundering charges against its two officers and some private individuals who were recently booked by the CBI in a bribery case linked to an accused arrested in the alleged Delhi liquor policy scam, official sources said Tuesday.
'If the Indian government actually delivers on the infrastructure plans, the hospitality sector would double itself by 2025.'
'With Ramaland, the tourism department is looking to attract children and adults alike. It'll be learning with entertainment.'
'Enterprises have become more demanding in terms of their productivity expectation from their employees.'
Consumer-focused companies have been left with few options but to increase the prices of their products as input costs mount because of various factors, including supply chain disruptions. This has been affecting monthly household budgets. Prices of scores of items -- from spices to soaps to rice -- have increased in the past year.
As several premium hotels such as ITC, Taj and Oberoi reopen after the lockdown in cities such as Bengaluru, Kolkata and Hyderabad, many changes have been made for the safety of guests and staff including temporary closure of spas, bars, gyms, and swimming pools.
Indian consumers are likely to get respite from rising prices just before the festival season. Some consumer companies, including automakers, have indicated that they are planning to pause price hikes just before demand picks up in August, while keeping a close eye on volatile raw material prices.
The hospitality sector has been hit very hard by the pandemic. In the past 18 months, it has lost business, first because of the harsh lockdowns and after that because of lack of demand due to the ensuing economic slowdown. Most hospitality businesses have sustained low revenues and losses since April 2020. Is this the classic case of a beaten-down cyclical sector that may be close to bottoming out?
From free salons to discounted room rates, hotels are offering it all.
Say good bye to sheer khurma and phirni. It's time to try a new dessert this Ramzan.
While the Congress has convened a meeting of all its MLAs on Wednesday to take stock of the evolving situation, the BJP legislators have been shifted to Haryana in an attempt to keep the flock together and thwart any poaching attempt by the Congress-JDS combine.
With demand drying up, hotels are surviving on quarantine centres and isolation facilities.
'It has taken us 15 years to get to where we are. It obviously doesn't happen overnight.'
The room rate for the presidential suite, spread over 12,000 sq ft and with an exclusive entrance and a private elevator, is exactly double that of most other expensive suites in India.
Future Group and V-Mart have put in place systems to prevent panic buying at their neighbourhood grocery stores.
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